Move some of your savings to a Ceritificate of Deposit
Certificates of deposit (CDs) are a type of savings account that earn high interest rates in exchange for leaving that money, untouched, over a fixed period.
There are many types of CDs, so it is important to research what is available and make an informed decision, that will be best for you. Take the time to shop around and find the CD with the best rates, decide on the right term for you and take into consideration early withdrawal penalty fees, keeping in mind that the unexpected can happen.
CD’s give you the ability to watch your savings grow, with little risk.
Quit your regular savings account and open a high-yield option instead
A high-yield savings account is fantastic way to earn more on your savings, whilst keeping it safe and accessible!
High-yield savings accounts are similar to regular savings accounts in many ways, but when it comes to earning interest, high-yield accounts are superior. With higher interest rates, having a high-yield savings account means you earn more money. They also allow you to separate money you don’t want to spend for a while, from money you can use on daily expenses.
Create a budget and stick to it
Make 2024 the year you quit impulse buying and overspending by creating a monthly budget.
- By knowing what you spend and what your income is, you can create a budget that works for you, ensuring you can afford to treat yourself and save at the same time. Follow the 50:30:20 rule to help you divide up your income and spend wisely:
- allowing up to 50% of your income for things you need.
- leave 30% of your income for things you want.
- commit 20% of your income to savings and repaying any debts.
This rule will create balance between meeting immediate needs, securing your financial future whilst still enjoying life’s pleasures.
There are many apps that you can download to help, that sync with your bank account to keep track of your spending.
Invest in your financial knowledge
Understanding finances empowers you with the skills and knowledge to make informed decisions to control your personal finance, plan for your future, achieve your financial goals, plus more.
There are numerous ways you can increase your financial knowledge, from keeping an eye on the financial market news for the latest updates and trends, searching the internet, or watching and listening to expert opinion and interviews. No matter your learning style, there are multiple learning avenues to utilise. You can also reach out to SBP team who will are on hand to help with any questions details with benefits, you should cross question to clear your doubts.
Understanding finances empowers you with the skills and knowledge to make informed decisions to control your personal finance, plan for your future, achieve your financial goals, plus more.
There are numerous ways you can increase your financial knowledge, from keeping an eye on the financial market news for the latest updates and trends, searching the internet, or watching and listening to expert opinion and interviews. No matter your learning style, there are multiple learning avenues to utilise. You can also reach out to SBP team who will are on hand to help with any questions details with benefits, you should cross question to clear your doubts.
Review and update your insurance policies
Reviewing your insurance coverage policies are an important part of protecting yourself and your assets. Many people make the mistake of purchasing a policy without researching what else is available to them or continue to renew the same policies, each year, without checking for savings in price and more suitable policies.
By ensuring reviewing your policies you ensure there are no gaps in coverage, gain the potential of saving money, keeping up with changes, and giving yourself peace of mind that you have the correct policies for you.
If you are looking to be smarter with your finances in 2024 and are looking for an accountant to help you on the path to a brighter financial future, then SBP Accountants are exactly what you are looking for. Contact us on info@sbp-accountants.co.uk
or call our Aberdeen office at 01224 647300.